Until now, merchants responding to complaints of fraudulent charges were required to submit complete copies of original receipts, including full credit card numbers. Allowing retailers to submit receipts with truncated numbers may eliminate the need for many companies to retain information captured from a magnetic card swipe.
In addition, Visa recommended that banks issue alternative identifying tokens when processing credit card transactions on behalf of merchants. Banks can better guarantee the safety of customers' private account data, according to Visa and the NRF. Meanwhile, retailers adopting token-based technology can process refund and investigation requests without giving staff members full access to customers' credit card numbers.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.